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tax write off

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Old 01-18-2007, 08:24 PM
  #21
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Default Re: tax write off

[QUOTE=t500hps;1997217]I think the cooking surface has to be something factory installed but check that for yourself. QUOTE]

A boat does not need to have a factory installed cooking surface to be deductible. As mentioned above, all it needs to have is a bed, a head, and a portable propane stove. It is then treated as a second residence in which only mortgage interest is deductible (sales tax if you elect to deduct sales tax instead of state income tax). One thing to mention, only interest paid on up to $1,000,000 of acquistion indebtedness is deductible. So if your mortgage on your main residence is $900,000, then only interest paid on $100,000 of your boat loan is deductible.
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Old 01-18-2007, 08:27 PM
  #22
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Default Re: tax write off

Quote:
Originally Posted by berns29scarab View Post
thanks all...no BUCK i didnt write off scarab...had no sink or fresh water so i knew i was SOL !! i have wrtten of sales taxes paid in the past but never anything to do with interest as a 2nd home
I would have.

Wrote off my 26 Scarab the three years I owned it with no problems. Like mpally said, it doesn't have to have a factory installed cooking surface. I had a V-Berth and a porta potti. I was covered.

Buck
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Old 01-19-2007, 08:46 AM
  #23
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Default Re: tax write off

Bern, your CPA needs to get out more.....

I'd find a new one, what other well known opportunities is he missing- we're just a bunch of fun loving boaters- it's his JOB to know this and make you aware of it. There are peeps who can help and peeps who fill out forms based on what you tell them
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Old 01-19-2007, 11:27 AM
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Default Re: tax write off

On another boat forum a CPA basically said that as long as the boat is fairly large, over 20 foot or so and has some type of cover, cabin, etc. then you would be fine. He also said that if you were asked during an audit you would say that it has eating, sleeping, and cooking facilities and that he has never heard of an auditor leaving the office to look at a boat .
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Old 01-21-2007, 02:46 PM
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Default Re: tax write off

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Originally Posted by BadDog View Post
I am sort of in the market for a 353 Fastech. You could donate it to me and I will give you a write off.
Make my payments, and you cah have the deductions
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Old 01-21-2007, 10:45 PM
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Default Re: tax write off

Mr auditior, "My boat has sleeping, cooking and bathroom facilities"

If they wanna see it, "its at the lake in storage about 350 miles away"
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Old 01-21-2007, 11:16 PM
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Default Re: tax write off

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Mr auditior, "My boat has sleeping, cooking and bathroom facilities"

If they wanna see it, "its at the lake in storage about 350 miles away"
Ed Zachery!!!!
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Old 01-22-2007, 09:59 AM
  #28
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Default Re: tax write off

Quote:
Originally Posted by insptech View Post
On another boat forum a CPA basically said that as long as the boat is fairly large, over 20 foot or so and has some type of cover, cabin, etc. then you would be fine. He also said that if you were asked during an audit you would say that it has eating, sleeping, and cooking facilities and that he has never heard of an auditor leaving the office to look at a boat .
My recomendation would be to tell the truth !!!!!!!!!

That way if they want to get nasty, you do not have to worry.
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Old 01-22-2007, 10:23 AM
  #29
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Default Re: tax write off

I stand by my previous post,all the other posts are meaningless as I know FRED (Bernie's boss) for a long time and based on past performance from FRED I would guess BERNIE should check on food stamps instead of writeoffs.
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